May 22, 2018 UPDATE – Attention, those of you who previously owned Chicago Bridge & Iron Company N.V. (CBI): CBI is the target of a merger with McDermott International Inc. (MDR). Your shares of CBI have been replaced with shares of MDR. Because of this merger, you should sell your shares of MDR, and Transmogrify if necessary. If you are able to sell your shares above your average cost, there is no need to Transmogrify.
We’re here to help! Here is a link to the Transmogrification document that will tell you step-by-step what to do.
Lattco PRO clients: Please use this link to access the transmogrification document for your accounts. Also, please give us a call after you have purchased shares for your new position and before you sell your options; we will need to make some adjustments to your account to properly reflect the transmogrification.
Lattco AutoPilot clients: At this time, trading screens for Transmogrification are not included in the AutoPilot system. You will need to log into Ally to place three orders to complete the Transmogrification process:
- Sell your existing shares of MDR
- Run a Transmogrification search in Lattco. From the top menu select Transmogrification under the Lattco Search header. For the upper and lower limits of the stock price use $15 – $21.
- Buy the same amount of shares listed on your CBI Individual Stock Purchase Record
- Sell to Open a put at the top of the lower band to replace the purchase for the current month if you don’t own 10x your Level
Once this is complete please notify us and we will adjust your AutoPilot account so that it can suggest the appropriate call option orders.
If you have any questions, please don’t hesitate to contact us at support@snideradvisors.com or 1-888-6-SNIDER. We’ll be happy to walk you through the process.
April 23, 2018 UPDATE – At this time, hold off on placing any trades on your CBI position. A new company, Subsea 7, has entered into the merger discussions with McDermott, the potential acquirer of Chicago Bridge. We will provide additional trading details once the terms of the merger discussions become more definite.
Attention, those of you who own Chicago Bridge & Iron Company N.V. (CBI): CBI is the target of a merger with McDermott International Inc. (MDR). The proposed transaction includes a valuation for CBI of $18 per share. Because of this merger, you should sell your shares of CBI on Trade Day, and Transmogrify if necessary. If you are able to sell your shares above your average cost, there is no need to Transmogrify.
We’re here to help! Here is a link to the Transmogrification document that will tell you step-by-step what to do.
Lattco PRO clients: Please use this link to access the transmogrification document for your accounts. Also, please give us a call after you have purchased shares for your new position and before you sell your options; we will need to make some adjustments to your account to properly reflect the transmogrification.
Lattco AutoPilot clients: At this time, trading screens for Transmogrification are not included in the AutoPilot system. You will need to log into Ally to place three orders to complete the Transmogrification process:
Sell your existing sharesBuy the same amount of shares for your new stockSell to Open a put at the top of the lower band to replace the purchase for the current month if you don’t own 10x your Level
